All Forum Posts by: James Wright

Hello, I own about 450 units, and raising money to buy 500 more or so, I am raising a fund for new properties currently, but the thought occurred to me to syndicate my current properties and use the money to buy more myself.

Investors wouldn’t participate in upside because buying performing properties, but they wouldn’t have the risks involved in repositioning properties.

Has anyone done this? And did it work out? Any tips?

Thanks a lot

Hello! 

I am considering forming a syndication in Louisville Kentucky, and I see that most syndications are closed-ended.  Meaning that they are for a specific timeline usually 5-10 years.  In my business model, I plan to keep property indefinitely, so no planned exit. 

Have any of you formed syndications or LLCs that are open-ended? 

Or maybe a hybrid where some investors can be replaced every year after 5 yr lockup?

I would likely need appraisals or some mechanism to measure value upon each buy in too. 

Thanks! 

Jimmy

Thanks! @Fredie Robinson and @Jordan Moorhead

@Richard Sherman  Both 4 and under and 5+ units.  I am making a couple of purchases in each category. 

Hello, I am looking for financing for property in Louisville Kentucky.  What are the best deals that you are seeing now? Is anyone getting 10 year terms on their loans? 

Thanks

Jimmy

Hello, 

I am purchasing a 292 unit portfolio of multifamily properties in Louisville Kentucky and looking for long term non recourse financing. Minimum 10 year rate lock, 75-80% LTV. Many of the properties are contiguous. Fannie/Freddie loans could possibly work for this, as this package would qualify for a VLI program.

Does anyone have products that fit this need?   

Thanks

Jimmy

Thanks Erik, Looks like I need to get a real estate license and find a broker

"A nonlicensed person under the supervision of a licensed real estate broker who contacts the public for the purpose of setting an appointment for the broker to meet with them regarding buying or selling property and giving out general public information specifically authorized by the broker."

I was trying to do this as a revenue center. Thanks for your input. 

Hello, I own and self manage 128 units.  I have owned and managed property for 3 years.  Other owners have asked me to manage property here in Louisville KY.  I am not a real estate agent or broker.  

How can I legally manage others property?

Thanks BP

Jimmy

I know several investors who have had success in that area of town.  

A lot of rehabbers skimp on the expensive capex items.  You said that there is new pex,  I would look for new water heaters, furnace, and AC.  Also, you said that it was separately metered, find out when the wiring was updated last too.  The houses in the area are very old and you wouldn't want to run into those issues.  

The numbers work.  Above someone mentioned a house hack.  Sounds like a good house hack in an area with potential.